
January 31, 2025/United Capital
Anglophone West Africa (WAEMU)
Nigeria
- Insurance sector assets hit N3.88tn in Q3 – NAICOM
According to the National Insurance Commission (NAICOM), total assets in the insurance sector expanded by 5.15% to N3.88tn at the end of Q3-2024 compared to N3.69tn reported in the previous quarter. In terms of assets for the Q3, the report revealed that the non-life business accounted for a majority of the assets at N2.34tn, while the life business’ assets stood at N1.54tn.
- PMI hits 51.0 in December 2024 after months of economic contraction
Nigeria’s Purchasing Managers’ Index (PMI) for Dec-2024 rose to 51.0 index points from 48.9 points in Nov-2024, signaling a return to expansion in economic activities after two consecutive months of contraction.
- Nigeria secures $1.1bn AfDB fund to power 5m people by 2026
President Bola Ahmed Tinubu has secured a $1.10bn fund from the African Development Bank (AfDB) for the provision of electricity for 5 million people by the end of 2026. He also stated that the AfDB’s $200.00mn in the Nigeria Electrification Project will provide electricity for 500,000 people by the end of 2025.
- FG eyes $3bn from single window for trade processes
The Federal Government is eyeing an estimated annual revenue of about $3.00bn from the implementation of the National Single Window (NSW) platform, a unified digital platform streamlining import, export, and transit processes. Launched in Apr-2024, the NSW aims to cut costs by up to 13.00%, reduce port delays, and boost revenue.
- Outstanding $7bn FX cleared
According to the Governor of the Central Bank of Nigeria, Olayemi Cardoso, the Federal Government has cleared the outstanding $7.00bn foreign exchange backlog to various firms following a successful verification exercise by forensic auditors. He also added that, the CBN is looking at the Unverified claims and are at the final stages of separating what qualifies as fully verified, and we will surely be paying out those money that have been verified by the forensic auditors.
Ghana
- Ghana records $8.98 billion in Gross International Reserves
The country at end of 2024 recorded $8.98 billion in Gross International Reserves (GIR), covering four months of import cover. This nearly double the figure recorded in 2023 which stood at $5.92 billion, covering 2.7 months of import cover. The Governor and Chairman of the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG), Dr Ernest Addison, speaking at the 122nd press conference of the MPC after its regular meeting noted that GIR reserves build-up was faster than programmed in 2024.
- Ghana’s public debt drops to GHC736billion
Ghana’s public debt stock has seen a decline, falling to GH¢736.0 billion in November 2024 from GH¢761.0 billion in October 2024, according to the latest data from the Bank of Ghana’s January 2025 Summary of Economic and Financial Data. This reduction represents a 3.3 percent decrease within a month and reflects efforts to stabilise the country’s fiscal outlook. The decline in the public debt stock has been attributed to adjustments in external and domestic debt levels during the period under review.
- BoG revises single-digit inflation target to 2026 second quarter
The Bank of Ghana (BoG) has revised its timeline for the attainment of single-digit inflation to the second quarter of 2026 due to macroeconomic headwinds. This is an extension of from the previously anticipated first quarter timeline. BoG Governor, Dr. Ernest Addison made this known during the 122nd Monetary Policy Committee press briefing on Monday, January 27, 2025. The central bank’s medium-term inflation objective remains anchored within the 8±2 percent band, consistent with its price stability mandate.
- Ghana’s Central Bank maintains Monetary Policy Rate at 27.00% amid inflationary pressures
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has announced its decision to maintain the policy rate at 27%, citing persistent inflationary pressures and uncertainties in the global economic environment. The announcement was made during the first Monetary Policy Committee press briefing for 2025, held at the Bank’s newly commissioned headquarters, Bank Square, in Accra. Governor Dr. Ernest Addison explained that the decision reflects the Bank’s cautious approach, as inflation remains elevated despite efforts to control it.
Francophone West Africa (WAEMU)
Ivory Coast
- Photon Energy Expands in South Africa with 250 MW Solar Hydro Project, Deploying Innovative RayGen Technology
Photon Energy N.V. (WSE: PEN, “Photon Energy Group”, the “Group” or the “Company”) announces that its South African subsidiary, Photon Renewable Energy Pty Ltd, has achieved a significant milestone in developing a 250 MW concentrated solar PV plant with 150 MW (1.8 GWh, 12 hours) of thermal hydro storage in Winterton, KwaZulu-Natal, South Africa.
- Cote D’Ivoire Tax Agency Clarifies Corporate Tax Rates for Land Tax, Property Income Tax
The Ivorian Direction Generale Des Impots Jan. 16 clarified the corporate tax rates for land tax on built properties and property income tax. The clarification includes that: 1) the 4 percent and 11 percent rates for determining land tax on built properties and property income tax, respectively, remain unchanged; and 2) the cumulative rate for calculating the property tax liability for companies and legal entities remains fixed at 15 percent of the property’s rental value.
Senegal
- Senegal Scheduled to Ship 123K B/D of Sangomar Crude in March
Senegal plans to ship as much as 123k b/d of Sangomar crude in March, according to loading programs seen by Bloomberg News. Notably, the March tally includes one cross-month cargo, with a volume of 950k bbl, scheduled for Feb. 27-March 3 loading.
- Moody’s Flags Fiscal Risks For Senegal With Audit Underway
Senegal’s dollar bonds have come under pressure this week after Moody’s Ratings flagged growing fiscal strains, triggered by an audit ordered by President Bassirou Diomaye Faye. The review uncovered discrepancies in state finances under the previous government, raising concerns over the country’s debt sustainability and flagging the possibility of further delay to a key IMF loan program.
East Africa
Kenya
- KRA Collects KSh 1.24t, Revenue Rises by 4.5% in First Half of 2024/2025 FY
Kenya Revenue Authority (KRA) collected KSh 1.12 trillion on behalf of the National Treasury, while agency revenue amounted to KSh 122.872 billion In the financial year ending June 2024, customs revenue grew by 4.9% to KSh 791.368 billion compared to the previous fiscal year However, the Purchasing Managers Index (PMI), which averaged 49.2 points between July and December 2024, weakened.
- KPC’s Sh7b windfall boosts cash-strapped Treasury.
The Kenya Pipeline Corporation (KPC) has remitted Sh7 billion in dividends to the National Treasury, providing a much-needed boost to the strained Kenya Kwanza government’s coffers. The dividend remittance, for the fiscal year ending June 30, 2024, comes as a huge boost for the cash-strapped Treasury which is seeking to raise additional resources for budget support.
- Foreign Investors Flee NSE as Participation Drops to 35%, CMA Report.
The Capital Markets Authority noted foreign investor participation at the end of quarter four of 2024 averaged 43.83% from 62.84% in January In December 2024, foreign investor activity reduced to 35.49% from 52.21% in November 2024, but local investors upped their game During the period under review, the market volatility for the three market indices, NSE20, NSE25, and NASI, remained low, below 1%.
Uganda
- Parliament Backs Sh57tn Budget, Calls for Tax Policy and Fiscal Discipline.
Parliament has approved Uganda’s National Budget Framework Paper for the 2025/2026 financial year, setting expenditure at Shs57.44 trillion –20% lower than the Shs72 trillion allocated for the current financial year. The sharp reduction reflects fiscal constraints and a push for tighter spending controls.
- Uganda’s Extractive Sector – a Transformative Year Ahead in 2025.
This year, Uganda’s extractive sector is on the cusp of significant growth and transformation, fueled by both regional and global dynamics. Spanning oil, gas, and mining, the sector is set to play an increasingly pivotal role in Uganda’s economic development. Key developments are expected across the industries, promising new opportunities while addressing longstanding challenges.
Tanzania
- Tanzania, Burundi ink deal with China on nickel-carrying railway.
Tanzania and Burundi have signed an agreement with two Chinese firms to build a railway between the two African countries for transporting metals, including battery mineral nickel, to the port city of Dar es Salaam. The $2.15 billion joint venture will be constructed by China Railway Engineering Group and China Railway Engineering Design and Consulting Group, Tanzania’s transport Minister Makame Mbarawa said during the signing ceremony on Wednesday.
- $150M World Bank project plagued by allegations of violence and abuse terminated in Tanzania.
In a rare move, a controversial World Bank-funded conservation project in Tanzania worth $150-million has been cancelled amid widespread allegations of forced evictions, rapes and extrajudicial killings linked to the project. The World Bank approved the “resilient natural resource management for tourism and growth” project, also known as REGROW, in 2017. Its purpose was to develop “priority protected areas” to increase tourism to the East African country, according to a World Bank fact sheet.
- Dodoma allocates Sh7.1 billion for unfinished projects.
The Dodoma City Council has allocated Sh7.1 bbillion to complete unfinished projects fro, the previous fiscal year, which are being implemented across all 41 wards in the city. For the 2025/26 fiscal year, the council has set a total budget of Sh147 billion, an increase from the Sh143 billion allocated in 2024/25.
South Africa
South Africa
- South Africa trims key rate and models impact of global trade war
South Africa’s central bank trimmed its main lending rate as expected, its third cut in a row, but it placed emphasis on the uncertain global backdrop and said it had modelled the potential impact of a trade war. The repo rate was reduced by a further 25 basis points (bps) to 7.50%, in a split decision by the Monetary Policy Committee, with four members preferring a 25 bps cut and two supporting an unchanged stance. The committee ultimately agreed that it was possible to reduce the degree of policy restrictiveness, making the stance somewhat more neutral. However, all members were concerned about the uncertain global outlook.
- South Africa producer inflation at 0.7% y/y in December
South Africa’s producer inflation was at 0.7% year on year in December from -0.1% in November, statistics agency data showed. The Producer Price Index was at 0.2% in month-on-month terms in December, Statistics South Africa said. The primary contributor to the PPI inflation rate was the category of food products, beverages, and tobacco products. Prices also increased significantly for textiles, clothing and footwear and beverages, but declined for coke, petroleum, chemical, rubber and plastic products.
- South African statistics agency updates its inflation basket
South Africa’s statistics agency has updated its consumer inflation basket for the first time since 2022, including items like rosé wine, air fryers and streaming services to reflect changes in spending habits. Patrick Kelly, head of price statistics at Statistics South Africa, said it was difficult to gauge what impact the update would have on upcoming inflation releases given subtle shifts in the weighting of some items. The update involved adding 71 products to the basket, removing 53 and reorganising 29 through merging, splitting or reclassification. There are now 391 items in the basket, down from 396 previously.
- South Africa Private Credit Growth at 5-Month Low
South Africa’s private sector credit increased by 3.83%% year-on-year in December 2024, easing from a 4.16% growth in the previous month. This marked the 42nd consecutive month of growth in private credit albeit the softest pace since July. Meanwhile, expansion in the broadly defined M3 measure of money supply slowed to 6.71% from 7.77% in the preceding period.
Namibia
- Namibia’s unemployment rate rises to 36.9%
Namibia’s unemployment rate rose to 36.9% in 2023 from 33.4% in 2018, the statistics office said. The country of about three million people has one of the highest official unemployment levels in the world, having overtaken neighbouring South Africa whose unemployment rate fell to 32.1% in the third quarter of 2024 after the formation of a coalition government. Statistician General Alex Shimuafeni said that 320,442 individuals were employed in Namibia in 2023, of the total 867,247 people in the labour force. Namibia’s unemployment rate now excludes discouraged workers, making the actual number of people without jobs higher.
Zambia
- Zambia’s inflation rate steady at 16.7%, as trade deficit hits K3.3 billion
Zambia’s annual inflation rate remained unchanged at 16.7 percent in January 2025, while the country recorded a trade deficit of K3.3 billion in December 2024. This was mainly due to price movements in food items. Annual food inflation rose to 19.2 percent in January 2025, up from 18.6 percent in December 2024. The increase was driven by higher prices of bread, cereals, meat, fish, eggs, and sugar. Meanwhile, annual non-food inflation declined to 13.2 percent in January from 14.2 percent in December, largely due to price movements in non-food items such as furniture and furnishings.
- Bank of Zambia Unveils 2025 Policies to Reduce Inflation to 6–8%, Support Agriculture with K5 Billion Fund, and Stabilize the Kwacha
The Bank of Zambia (BoZ) has outlined its 2025 monetary policy priorities to tackle inflation, support agriculture, and stabilize the Kwacha amid challenges such as drought and global economic pressures. These include a reduction in inflation to the medium-term target of 6–8%, support for drought-affected sectors with a K5 billion Stability and Resilience Fund, and maintaining international reserves above three months of import cover.
Zimbabwe
- Zimbabwe inflation rises sharply, spurred by food and housing
Zimbabwe’s inflation rate rose sharply in January in both U.S. dollar and local currency terms, spurred by food and housing prices. In dollar terms inflation accelerated to 14.6% year on year after rising by 2.5% in December. On a local currency basis inflation rose to 10.5% month on month in January compared to an increase of 3.7% in December, statistics agency data showed. Independent economist Prosper Chitambara said last year’s severe regional drought and additional taxes introduced this month had likely contributed to the inflation increase.
- Treasury to sell off State assets
Treasury is racing against time to identify and dispose of several State-owned Enterprises (SOEs) in a desperate attempt to settle its spiraling public debt, which has soared past US$21bn. The staggering debt mountain, amounting to nearly 90% of the country’s Gross Domestic Product (GDP), is threatening to choke economic progress and erode any remaining fiscal stability. The move reflects mounting desperation within the Treasury, which faces the daunting challenge of satisfying international creditors while navigating a constrained economy.
Central Africa
Cameroon
- Cameroon’s Inflation Rate Slows to 4.5% in 2024
Cameroon’s annual inflation rate dropped to 4.5% in 2024, following two years of sharp price increases, according to a January 21 report by the National Institute of Statistics (INS). The figure came in lower than the 7.0% inflation rate initially forecasted by the INS for 2024.
- Bamenda Sees Lower Inflation in 2024 Despite Ongoing Anglophone Crisis
In 2024, Bamenda, the capital of Cameroon’s North-West region, saw an inflation rate of 3.5%. This is notably lower than the national average of 4.7%, according to the National Institute of Statistics (INS). As a result, Bamenda is one of the three cities least affected by inflation in the country, alongside Garoua (3%) and Ngaoundéré, the capital of the Adamaoua region.
- Cameroon Transfers CFA195.3bn to Local Governments (2018-2024)
Between 2018 and 2024, Cameroon’s Ministry of Public Works transferred CFA195.3 billion to decentralized local governments. These funds mainly came from the Public Investment Budget, the Road Fund, and delegated credits. During this period, the total transfer from the Public Investment Budget amounted to CFA89.8 billion, with the lowest transfer of CFA11.4 billion occurring in 2019. The region that received the largest share from the Public Investment Budget was the Center region, which got CFA17 billion.
- Funding Shortage Limits Road Maintenance to 4.5% in 2025
Cameroon’s Road Fund estimates that maintaining the national road network, which spans 121,873 km as of December 31, 2024, will require CFA1.1 trillion in 2025. According to an assessment carried out in July 2024, this maintenance plan covers 39,000 km of roads, including 13,500 meters of bridges and other infrastructure, based on data compiled by the Road Fund.
- Cameroon Launches Pre-Selection for 500 MW Kikot Dam Project
The Kikot-Mbebe Hydro Power Company (KHPC), which oversees the construction of the 500 MW Kikot Dam, has announced a pre-selection process for companies interested in taking part in the project. Starting January 27, KHPC is inviting companies to submit applications for initial evaluation.
- Cameroon Hosts Nearly 60,000 Foreign Workers (Minrex)
Cameroon is home to around 60,000 expatriate workers, according to recent data from the Ministry of External Relations (Minrex). This figure was shared on January 24, 2025, during the first awareness meeting for diplomatic missions and consular posts accredited in Cameroon. The event focused on the country’s laws governing foreign employment.